Plus and Standard sections

The scheme has two sections, the Plus section and the Standard section.

You will get higher benefits in the Plus section but you have to pay more in to the scheme.

Your monthly contribution into the scheme for the Plus section is 6% of your pensionable payPensionable pay

Your pensionable pay is your basic salary at any given point in time.. For the Standard section it is 4%.

In return for this, we will add to your credit account a notional amount of cash for each year you were paying into the scheme after 1 April 2011. The notional amount will be 30% of your pensionable pay for the Plus section (20% for the Standard section).

If you die before age 65 we will pay a cash amount of six times your pensionable pay at your death for the Plus section. For the Standard section it is four times.

You can switch between the Plus and Standard sections at any time by completing a switch form and returning it to payroll.

Once payroll have received your form, the switch will take place on the 1st of the month following payroll cut-off.